$200m financing deal closes for Essex Crossing scheme NYC

Published at: 2018-01-05 15:50 | Author: CIJ USA

Delancey Street Associates has locked up $200 million in financing for one of nine buildings at its $1.5 billion Essex Crossing megaproject on the Lower East Side. The funding, provided by Wells Fargo and M&T Bank, will be used to construct the 26-story building at 180 Broome Street​. Plans call for 263 ​affordable and market-rate apartments​,​ 10,000 sqf of retail space, and ​175,000 square feet of office space. The ​retail portion will be a part of the planned Market Line, a three-block marketplace that will extend to the neighboring buildings in the complex and connect to the 77-year-old Essex Street Market.

The Delancey Street partnership includes Taconic Investment partners, L+M Development Partners, BFC Partners, and Goldman Sachs Urban Investment Group. Once completed, the scheme will over 1,000 units in total across nine buildings, 450,000 square feet of retail space, and 350,000 square feet of office space. Construction began in 2015 and is slated for completion in 2021. Wells Fargo provided a $34 million loan for another building at the complex, an affordable senior housing property at 140 Essex Street.